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However, financial experts said boomers, especially older ones, should avoid making drastic changes to theirfinancesright now.
Boomers, this is what you shouldnt do with your money before Trump takes office.
Also seethree changes Trump could make to retirement regulations.
This strategy may jeopardize long-term stability, which could inadvertently increase volatility in retirement portfolios, Stroup said.
Make Large Purchases
On the campaign trail, Trump promised to make inflation vanish.
The major concern for retirees should be inflation, Schiffman said.
Boomers should approach large purchases or financial commitments cautiously before Trump takes office, Stroup said.
Make Impulsive Decisions
Financial experts said boomers should avoid allowing their emotions to guide investment decisions.
Emotions are the bane of an investor, Schiffman said.
Our animal spirits work against us when we let emotions rule our investment decisions.
This could result in locking losses or missing long-term growth, Stroup said.
This has long-term effects they may not see or seem to worry about in their lifetime.
Winget said boomers who are already in retirement should focus on managing their spending and staying financially conscious.
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